News
On October 30, ANZ Banking Group (AA-/Aa2/AA-) mandated a new five-year benchmark senior-unsecured Australian dollar transaction. The self-led deal is the borrower's third senior-unsecured transaction of 2013 after a A$1.975 billion (US$1.873 billion) three-part deal priced in April, and a A$1.75 billion four-year floating-rate note that priced at 85 basis points over bank bills on August 8.
Participants at KangaNews's Corporate Bond Summit, which took place in Sydney on October 29, say the local corporate bond market has reached a new level of functionality in 2013. Confidence is high, and while challenges remain the eyes of issuers and investors are now on broadening and deepening the market rather than ascertaining its relevance.
On October 29 the Australian Office of Financial Management (AOFM) announced the sale of some holdings of residential mortgage-backed securities (RMBS) issued by ING Bank Australia in 2011 and 2012. The AOFM tells KangaNews the sale was conducted in order to assist secondary market price discovery.
Lead managers on Adani Abbot Point Terminal (AAPT)'s debut domestic issue say market advancements have led triple-B issuance volumes in the credit space to swell to sizes that were almost unimaginable previously. And while investors believe the volume of its debuts means AAPT itself might struggle to come back to the market in the near future, they agree that its achievements are overwhelmingly positive for the domestic market.
On October 25, Nordic Investment Bank (NIB) (AAA/Aaa) priced an increase to its February 2024 Kangaroo issue. According to KangaNews data, this is the first increase of the line which was introduced in August this year.
Healthy issuance continued in the last full week in October, with the Australian market seeing transactions from semi-governments, banks, rated and unrated corporates, and a non-bank securitisation. Meanwhile the uptick in corporate issuance in New Zealand continued as two more deals priced.